The accounting and representation of the financial statements of a business organization mainly depend on its form of business. The tax implications and other benefits and government regulations applied to a business are based on the nature of the organization. Some of the large-scale business organizations receive subsidies, grants, and many other tax benefits when they carry out specific business or in the government-specified areas; this helps in increasing their economic growth.
The nature of business can be determined by the type of business conducted; specifically, whether the business organization is dealing with goods or services. A business organization dealing with goods may either deal with the manufacturing and sale of goods or may deal with the trading of various types of goods.
The business organization dealing with services may provide various services such as financial services, child-nutrition services, maintenance services, transportation services, and many more such facilities.
Types of business organizations
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1) Profit Organizations:
(a) Sole proprietorship firm: Sole proprietorship firm refers to that form of business where a single owner invests the capital and is solely responsible for all the transactions. There is no distinction between the owner and the business entity as both are considered to be the same. The liability of the sole proprietor is unlimited, which implies that even the personal assets of the proprietor can be used for paying the debts of the firm. The income earned by the sole proprietor is subject to tax as per the tax rates applicable to the individuals. There is no perpetual existence of this form of business organization. Death or any other incapability of the owner may lead to the closure of the firm.
(b) Partnership firm: Partnership firm refers to a business organization where two or more persons enter into an agreement (either oral or written) and decide to carry out business while sharing common interests for the firm with the main objective of earning and sharing profits. All the partners of the firm are jointly responsible for their actions and the transactions entered into. The agreement in which all the terms and conditions communicated by the partners are written and this is known as a partnership deed. It contains all the terms and conditions of the partnership including the ratio of sharing the profits and losses of the business. In case of the absence of the partnership deed, the profits and losses are shared equally amongst the partners.
Based on the liability incurred, the partnership firm may be of two types – unlimited liability or limited liability partnership. The partnership having unlimited liability implies that the personal assets of the partners may be used if the firm’s resources are not sufficient to fulfill its liabilities. A limited liability partnership implies that the liability of each partner of the firm is only limited to the amount of capital contributed. The profits of the partnership are taxed as per the tax rates applicable to the individuals.
(c) Company: Company refers to a large form of business (an artificial person created by law) where a large number of members agree to carry on a business on a large scale as a separate legal entity. A company has a separate identification and name apart from its members through which it can enter into various transactions and contracts. A company has to follow several regulations at the time of formation as well as maintaining the accounts in the future period. Several disclosures have to be made by the company at the time of preparation of financial statements. The financial statements of the company are required to be audited at the time of filing the returns and issuing the financial statements to its users. The auditor’s report also needs to be attached along with the financial statements. Based on the ownership, the company may be classified into a public company, private company or a one-person company.
Public company: A company where the stocks and securities are freely traded in the capital markets and capital is raised through the public. These shares are easily transferable. The minimum number of members required is seven.
Private company: A company where the capital is raised by its internal members but not from the general public. The shares are not traded in the capital markets. The minimum number of members required is two.
One-Person company: A company registered as per the law is a separate legal entity where a single person is the sole owner who decides to invest the capital and carry the business on a large scale alone. The company is treated as a separate legal identity apart from the member.
2) Non-Profit organizations:
(a) Non-Governmental Organizations: Non-governmental organizations refer to business organizations that are independent of government interference. These are not-for-profit organizations providing services that deal with solving social, environmental, and human issues. These organizations are registered for tax exemptions and their work is generally carried out by volunteers.
(b) Cooperative Societies: Cooperative societies refer to the business organization where a group of people comes together having specific common needs.These societies work towards the fulfillment of the needs of their members. The income of the cooperative societies is taxable as per the rates specified in the latest budget of the economy.
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